The Ingham family’s modular housing park float will be called Tasman Lifestyle and the roadshow for the IPO will happen within the next fortnight.
Commonwealth Bank’s plans to float the business on behalf of the family are gathering pace despite market talk last week that the bank could be struggling to lock in a cornerstone investor.
It’s understood that the Ingham’s-backed venture would have a market capitalisation of about $100m, with the backers retaining a major proportion of the company.
Tasman will be run by Rob Nichols and the newly listed company will own up to 11 properties that can accommodate 1500 tenants at separate locations in NSW and Queensland. There will be plans to buy more properties with some exposure to development.
The company will be chaired by Andrew Fay, a Spark Infrastructure and BT Investment director and former chairman of Deutsche Asset Management in Australia.
Pricing will be locked in before the prospectus is lodged in a deal likely to attract retail investors interested in securing exposure to the ageing population, given many of the parks have retired occupants.
The company would compete with other groups already invested in the manufactured housing space.
These include the listed retirement operator Ingenia and Alceon, a company backed by investment bankers Trevor Loewensohn and Phil Green.